Viewpoints by Frances Donald, at Manulife Investment Management
Frances was responsible for forecasting global macroeconomic and financial trends, analyzing the economy and capital markets for potential opportunities and risks, and serving as a thought leader both within the firm and externally. As a senior member of the asset allocation team, she coordinated global macro research, assisted in the team’s return forecasts, and contributed to portfolio positioning views.
Prior to joining Manulife, Frances worked as a financial economist for Scotiabank in Toronto and, before that, as a global macro analyst for Pavilion Global Markets in Montreal. Earlier in her career, she held various positions at Deloitte, Roubini Global Economics, and Bank of Canada. She’s a frequent public speaker and regularly appears in international media, including Bloomberg and CNBC.
- Education: M.A., Economics, New York University; B.A., Economics, Queen’s University
- Joined the company: 2016
- Began career: 2008
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The road to net zero: Three-minute macro
COP26 has us thinking about the massive expense—but also the potentially larger economic benefits—of the transition to a green economy over the coming decades. Also top of mind is the continuing woes in global supply chains, while we’re also thinking that the Fed may have to change its tone (and its stance) in the coming months.
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Foresight May 2021: macro themes and market outlook
Optimism about the lifting of lockdown restrictions has been offset by concerns about inflation. Find out how our returns expectations across asset classes have changed in recent months.
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Timing is everything: Three-minute macro
In the coming months, we expect the market to put emphasize the timing of economic inflection points. We also detail our cautiously optimistic view on REITs and highlight that differing COVID-19 vaccination rates are making country picking in emerging markets even more crucial in this month's edition of Three-minute macro.
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Canada’s economic outlook—recovery delayed, not derailed
The third wave of COVID-19 may have dimmed Canada's economic outlook in the near term, but our macroeconomic strategy team believes the country's still on track to do well in the second half of 2021.
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Three-minute macro: real rates, real concerns
Real rates are on the rise, which may create issues for equity investors, while COVID-19 may exacerbate inequality issues. Read more.
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Global Macro Outlook: navigating a slowing recovery
In this edition of Global Macro Outlook, we outline the key macroeconomic themes that are likely to shape the financial markets during the stall-out phase of the recovery and highlight how it’s playing out in major economies around the world.
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Global Macro Outlook—an uneven recovery begins
The worst of the economic impact arising from the pandemic seems to be over. Our macroeconomic strategy team examines the issues that could shape the recovery.
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May U.S. jobs report stuns—hello V-shaped recovery?
The unexpectedly strong May U.S. jobs report caught many investors off guard. Does it mean that a reassessment of U.S. growth prospects is now needed?
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U.S. economic outlook: Macroeconomic headwinds vs. tailwinds
The United States is gradually reopening for business, but our Global Chief Economist Frances Donald believes the U.S. economy isn’t out of the woods just yet.
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Foresight April 2020: Key macro themes and market outlook
The COVID-19 outbreak has reshaped the economic landscape. Find out how recent events have changed our asset allocation team's views on different asset classes.
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